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Lakshmi Vilas Bank Ltd. was incorporated at Karur, South India in 1926 .The Bank classified as an old private sector bank transacts banking business of every description. The bank has also diversified into insurance activity recently. It entered into MoU with Dabur CGU Life Insurance Company (P) Ltd for marketing their products through selected branches of the bank. The Bank carries on its operation through 211 branches spread across 9 states and the Union territory of Delhi. The bank in 2001 proposed to bring down its net NPA level to below five per cent from the existing level of six per cent.
Recent Developments:
Lakshmi Vilas Bank Ltd has entered into an MOU with Dabur CGU Life Insurance Company (P) Ltd to sell insurance products under the Brand name `AVIVA`. Lakshmi Vilas Bank Ltd (LVB)has unveiled tele-banking service at its select branches. This facility will be made available initially in Mylapore, Salem Town, Coimbatore Main, Srirangam and Kathaparai (Karur) branches.
The bank has recently announced revised interest rates on domestic term deposits. The rates, based on the recommendations of the bank`s asset liability company, have come into effect from August 1. As per the bank continues to pay five per cent for the tenure of 15 days to 29 days, six per cent for 30 days to 45 days and seven per cent for 46 days to 90 days. The interest rate for the tenure of 91 days to 180 days was decreased to 7.25 per cent from 7.5 per cent and for 181 days to one year slashed to 7.5 per cent from eight per cent. The rate was brought down to 7.75 per cent from 8.5 per cent for the tenure of one year to below two years and from 8.5 per cent to eight per cent for deposits of two years and above.
Future Plans:
With the signing up of the MoU with Dabur CGU Life Insurance Company (P) Ltd. the company is planning to launch customized products shortly.
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